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Petrofac Profit Increased by 33%

Middle East : 10 March 2010

Petrofac, an oil-services provider based in the UK, announced that its full year profits increased by more than 33% in comparison to the last year as a result of growth in orders generated in Asia and the Middle East.

Petrofac’s net income soared from 265 million US dollars to 353.6 million US dollars. The value of existing orders jumped to a record 7.3 billion US dollars with an 8.1billion US dollar backlog as of 31st December 2009.

Petrofac’s main customers are based in Saudi Arabia, Abu Dhabi, Algeria and Turkmenistan.

Keith Roberts, Chief Financial Officer of Petrofac, said that the company was in very good health considering it was a challenging year for the oil and gas sector. The outstanding orders will provide them with an excellent revenue pipeline for the next year.

Good financial results of Petrofac were also reflected in the rise of stock prices in London trading resulting in a twelve month gain of 133%.

Trading results were influenced by the company’s announcement of Merging of North Sea fields with Lundin Petroleum AB and creating a new company called EnQuest Plc.

Another factor that might have had an impact on the rise in stock prices was the fact that Petrofac filled 1,200 jobs last year in its engineering and construction division enabling it to support a 10% profit margin for some time. This division is responsible for 75% of the outstanding orders.

Andrew Reid, Staff Writer, Gulf Jobs Market News
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